The International Monetary Fund (IMF) has said the UAE is likely to cut its fiscal spending further in 2014, as the oil and real estate-powered economy is growing strongly and private credit growth is recovering, Reuters has reported. “The combined federal and emirate budgets imply further fiscal consolidation this year,” the IMF said following annual consultations. It said this was “appropriate as it would undo earlier fiscal stimulus that is no longer needed.” The cuts would be made in security, defence, and other current expenditures, the fund said.